Friday, March 29, 2024
The Greater Toronto Airports Authority (GTAA) has released its financial and operational
data for the year 2023, showcasing remarkable growth in passenger activity and revenue.
Toronto Pearson International Airport witnessed a substantial surge in passenger numbers,
with 44.8 million travelers passing through its gates, marking a 25.8% increase from the
previous year. This surge in activity propelled total revenues to $1.88 billion, a significant
$395.2 million increase compared to 2022.
According to Deborah Flint, President and CEO of GTAA, the robust performance in 2023
underscores the effectiveness of Toronto Pearson’s investments in infrastructure,
technology, and customer service. The airport’s strategic plan focuses on enhancing
infrastructure, improving customer experience, and fostering sustainability, positioning
Toronto Pearson as a global leader in airport operations.
Key highlights from the report include a notable recovery in passenger activity, reaching
88.9% compared to pre-pandemic levels in 2019. Domestic and international passenger
traffic saw increases of 2.2 million and 7.0 million, respectively. The significant growth in
passenger numbers translated into improved financial metrics, with Earnings Before Interest,
Taxes, Depreciation, and Amortization (EBITDA) soaring to $960.3 million, a $201.5 million
increase from the previous year.
Furthermore, net income for 2023 surged to $265.0 million, reflecting a substantial
improvement compared to the previous year. Free cash flow also witnessed a notable
increase, reaching $468.7 million, driven by higher cash flows from operations and prudent
financial management.
The GTAA’s capital investments in 2023 focused on enhancing operational efficiency and
passenger experience. Projects included infrastructure repairs, gate expansions, and the
implementation of advanced passenger processing technologies. These investments have
contributed to improved service quality, reduced wait times, and enhanced overall airport
capacity.
Looking ahead, the GTAA aims to continue its growth trajectory by collaborating with
industry partners, government stakeholders, and local communities. The airport’s
commitment to sustainability, operational excellence, and customer satisfaction remains
unwavering as it strives to maintain its position as a premier aviation hub in North America.
Wednesday, May 1, 2024
Wednesday, May 1, 2024
